What is the difference between a direct investment mandate and a discretionary mandate?

• A. Direct mandates require explicit client instruction for each trade; discretionary mandates authorize the advisor to trade within agreed parameters.
• B. Direct mandates require explicit client instruction for each trade; discretionary mandates authorize the advisor to trade within agreed parameters.
• C. They are the same thing.
• D. Direct mandates apply only to trusts; discretionary to individuals.

Answer: (A)